Time is your friend; impulse is your enemy.

The mutual fund industry has been built, in a sense, on witchcraft.

Index funds eliminate the risks of individual stocks, market sectors, and manager selection. Only stock market risk remains.

Our capitalistic scheme in the latter years of the 20th century seems to have lost its way. We've had a "pathalogical change" from traditional owners capitalism where most of the rewards have gone to those who make the investments and assume the risks to a new and deeply flawed system of managers capitalism where the managers of our corporations our investment system, and our mutual funds are simply take too large a share of the returns generated by our corporations and mutual funds leaving the last line investors - pension beneficiaries and mutual fund owners at the bottom of the food chain.

I believe that the mutual fund industry's biggest shortcoming is too much focus on the momentary price of a stock - an illusion - and too little focus on the intrinsic value of the corporation - the ultimate reality. I'm comforted by the fact that Warren Buffett feels the same way.

The transfer of Wall Street from private ownership to public ownership has been a big step backward.

You know the rule of 72, divide the number into 72, any number you want, and that's how long it will take your money to double.